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08 Jun 2016, 05:23
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E
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
45%
(medium)
Question Stats:
69% (02:14) correct
31%
(02:15)
wrong
based on 165
sessions
History
Date
Time
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Not Attempted Yet
Loren bought a roll of cloth and sold it for a 5% profit based on the selling price. If Loren`s profit was $45.5 total on the cloth, how much did it cost her to buy the cloth?
A. $455.
B. $525.5.
C. $675.
D. $810.5.
E. $864.5.
A. $455.
B. $525.5.
C. $675.
D. $810.5.
E. $864.5.
08 Jun 2016, 06:28
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Bookmarks
This is a very good question to practice how not to get tricked by GMAT way of phrasing quant questions. One might simply assume that the selling price is 1.05 * Cost, which is not correct.
If the roll was sold for a 5% profit based on the cost, it means that of the total selling price, 95% was the cost, and 5% was the profit.
Selling price = 5% profit + 95% cost
5% profit = $45.5
Find: Cost - ?
Profit: 5% - $45.5
Cost: 95% - x
We cross multiply the values to find x:
x = \((95*45.5)/5\) = $864.5
Answer: E
If the roll was sold for a 5% profit based on the cost, it means that of the total selling price, 95% was the cost, and 5% was the profit.
Selling price = 5% profit + 95% cost
5% profit = $45.5
Find: Cost - ?
Profit: 5% - $45.5
Cost: 95% - x
We cross multiply the values to find x:
x = \((95*45.5)/5\) = $864.5
Answer: E
08 Jun 2016, 10:00
Kudos
Bookmarks
Bunuel
Loren bought a roll of cloth and sold it for a 5% profit based on the selling price. If Loren`s profit was $45.5 total on the cloth, how much did it cost her to buy the cloth?
A. $455.
B. $525.5.
C. $675.
D. $810.5.
E. $864.5.
A. $455.
B. $525.5.
C. $675.
D. $810.5.
E. $864.5.
Loren makes 5% profit based on the selling price- So if selling price is 100, her profit is 5 and cost price is 95.
Loren's profit or 5% = 45.5
So 95% will be = 45.5 * 95/ 5= 864.5
E is the answer.
